Damac has said it will concentrate on existing projects, such as Marina Bay.
UAE developer Damac has confirmed that it will now exit a US $122 million deal with UEM Land to build a waterfront and marina project in Malaysia.
The firm blamed the economic crisis for the decision, and added that it would continue to focus on its existing projects.
"This decision has been made in light of changes in the global financial market and an overall slowdown in the property market worldwide," the company said in an e-mailed statement to Reuters.
Damac has not ruled out a return to Malaysia in the future, and said it would consider developing projects in the south-east Asian nation when conditions improved.
The news comes just under two months after Damac said it would award construction contracts worth US $544 million this year and deliver an extra 7100 units by the end of 2010.
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